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November 24, 2023, 04:02:18 AM Last edit: November 26, 2023, 04:42:34 AM by Farhan99 Merited by HONDACD125 (1) |
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I think The amount of unused Bitcoin which is now at its highest ever at 70%, shows that people who own it don't want to sell, even when the price goes up. This Bitcoin hasn't been used for over a year. Since Bitcoin reached its highest value in 2021, people who plan to keep it for a long time have shown they really believe in it, despite problems in the market and with the economy. Bitcoin Percent of supply Last active 1+ years ago![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.ibb.co%2FS3pjgfn%2F20231126-084350.jpg&t=665&c=fvXzmBfZ5AjvNQ) Also the amounts of unused Bitcoin for two, three and five years have also reached their highest levels ever showing that these investors are staying strong. Even though Bitcoin's price went up a lot this year to $37,000, the owners don't want to sell it soon. Reflexivity Research thinks selling Bitcoin right away is not likely, even though it's worth more now. But when Bitcoin becomes available in new investment ways like ETFs and futures things might change and the situation might be different Source
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avikz
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November 24, 2023, 04:06:45 AM |
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I think the crypto users have started understanding the potential of Bitcoin and they very well understand, that the current price level is just the beginning of the bull cycle. Probably that's the reason they do not want to caught up in FOMO just yet.
During the last bull cycle, Bitcoin reached upto 69k USD. The current price level is nowhere near it. So there's a lot of room to grow. It doesn't make sense to give up on the hope just yet. Also another halving is imminent.
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Poker Player
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November 24, 2023, 04:10:05 AM |
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Since Bitcoin reached its highest value in 2021, people who plan to keep it for a long time have shown they really believe in it, despite problems in the market and with the economy.
The conclusion does not follow from the premise. The Bitcoin price, as you say, peaked in 2021 and a lot of people did not sell because all predictions gave a much higher price for the cycle. Now most holders are not selling because we are at the first steps of a bull market and it is not logical to sell now if you expect that in a year or two the price will be 5 times higher than now. That has little to do with "really believe in it" and more to do with a profit maximization calculation.
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bitzizzix
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November 24, 2023, 04:22:21 AM |
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This is a matter of trust because this trust makes us think further, and have confidence that in the future the price of Bitcoin will be much higher and also more profitable. And I think that currently many holders think intelligently about Bitcoin and even though it is profitable, they are not satisfied with profits that are only 2x or 3x. Because Bitcoin can provide 5x or even 10x profits if you have the patience and strong belief to do it, because you learn from experience not to be too hasty. And as we know, we will face the next halving, and this can be said to be the beginning of an even higher rise.
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mk4
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November 24, 2023, 04:26:14 AM |
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Isn't that somewhat expected? Mass consensus is that we're going to have a bull run around the halving event + the potential ETF approval. So of course most people wouldn't be selling this time around.
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pooya87
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November 24, 2023, 04:29:45 AM |
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I think The amount of unused Bitcoin which is now at its highest ever at 70%, shows that people who own it don't want to sell, even when the price goes up. This Bitcoin hasn't been used for over a year.
This is not entirely correct. Let me put it this way, imagine you earn $2 (two 1 dollar bills) but only spend $1 and keep the other. That doesn't mean you didn't spend your money. That means you only spent what you wanted to spend. In a lot of cases in bitcoin, this is what's happening. For example I own some coins I have not touched ever since 2014, didn't even claim the shitcoin airdrops. That doesn't mean I have never spent or sold my bitcoins. I have other coins too, for example I got some a couple of days ago and if I want to spend/sell some I would spend/sell those not the ones from 2014. Since Bitcoin reached its highest value in 2021, people who plan to keep it for a long time have shown they really believe in it, despite problems in the market and with the economy.
The same. People who have bought bitcoin, do believe in its long term potential but when there is economic hardship they don't have to dump all their stash. They can sell some to cover their costs and keep the rest. In any case, people are always going to keep more bitcoin than they spend/sell because in the long run the price is guaranteed to rise, this is not just because of bitcoin's potential but also because "price" is measured in fiat terms and fiat is super inflationary thanks to constant printing of it.
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kentrolla
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November 24, 2023, 04:33:38 AM |
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I have a very generic response to this as why would they sell? They are long term investors and hodlers they have fixed set of Target in their mind and no way they are gonna sell it before achieving that and it's not these 20% or 50% target which we set for long term rather a calculated one based on growth. We have seen people towards their pension scheme or stocks for decades to retire with ample amount of money and same logic applies here as well. Suppose a person bought 5 Bitcoin before 2015 at the price of $1k each and he sold one at 2017 bull run around ,$22k and another when bitcoin hit $69k in the recent bull run. They are financially good and looking for certain pumps and profits which they have incurred in the past.
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November 24, 2023, 04:37:28 AM |
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I followed that guide before. Back in the 2017 and 2021 peaks and I noticed that if you relied on those graphs you would of sold way too early.
Most likely if we hit ATH those graphs will start to reverse but price can still keep going up. So you can’t really use that as a guide. It’s an interesting observation but not a good technical analysis to trade on.
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SamReomo
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November 24, 2023, 05:30:46 AM |
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The holders now understand that long-term is the way to go because with short-term they can earn 1x to 2x profit from their investment but with long run there potential of profits are in 10x's and that's what most of the investors and holders are expecting to get.
Bitcoin has reached way higher value over the past decade and now people believe that within next 10 years Bitcoin could go to so huge values that's beyond imagination of many people. Some expect Bitcoin will reach $1 Million or more in this decade while most believe that Bitcoin has potential to go beyond $1 Million per coin during those 10 years.
I personally think that Bitcoin can easily cross $1 Million value even within 7-8 years and if that happens then the holders who bought Bitcoin at $20k would make more than 50x of their investment which sounds really amazing I guess. The holders also have such beliefs and that's why they will hold their coins for much longer periods in order to have better profits.
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Zaguru12
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November 24, 2023, 05:32:52 AM |
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I think The amount of unused Bitcoin which is now at its highest ever at 70%, shows that people who own it don't want to sell, even when the price goes up. This Bitcoin hasn't been used for over a year. Since Bitcoin reached its highest value in 2021, people who plan to keep it for a long time have shown they really believe in it, despite problems in the market and with the economy. Bitcoin Percent of supply Last active 1+ years ago
It is not about believe, I would say but they are actually looking at the profit. The easiest way to get profit from bitcoin is to hold for long time and that’s why the bitcoin in some of these wallets are not moved. I will tell you that even if we enter bull run and get a new bitcoin ATH some wouldn’t sell still. Because the funds used to accumulate the bitcoins are not just funds they need now and that’s why even with the economic problem they still weren’t tempted to sell. With just 5 months or so left to the halving I doubt we will see much of bitcoin been sold. The only time I am expecting people to sell before bull run is of the ETF gets delayed or postponed again by the SEC because there some few new holders that have short time target believe it will be reach with just ETF approval and should it get delayed then they will pull out
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Yamane_Keto
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November 24, 2023, 05:36:04 AM |
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As much as these statistics express “diamond hands,” they indicate that investors still believe that the current price does not reflect the true value of Bitcoin, and there is a possibility that its value will increase with the passage of time, and these investors may start selling randomly whenever they lose hope that Bitcoin will rise, and this Concerns could escalate if Bitcoin does not rise to the levels of $100,000 or any price above $70,000 before the end of the year.
Glassnode statistics may give an impression of the general price trend, but they are not useful in predicting the value of Bitcoin.
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自信は成功です
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Die_empty
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November 24, 2023, 05:49:32 AM |
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Also the amounts of unused Bitcoin for two, three and five years have also reached their highest levels ever showing that these investors are staying strong. Even though Bitcoin's price went up a lot this year to $37,000, the owners don't want to sell it soon. Reflexivity Research thinks selling Bitcoin right away is not likely, even though it's worth more now. But when Bitcoin becomes available in new investment ways like ETFs and futures things might change and the situation might be different detailsLong term Bitcoin investors are matured hodlers that have plans with timelines. Most of them are not moved by FUD to dispose of their coins. They only sell when the price gets to their targeted price. $37,000 is a good price but I predict that the price of Bitcoin will exceed at least its ATH price, so there is still more ground to cover. Isn't that somewhat expected? Mass consensus is that we're going to have a bull run around the halving event + the potential ETF approval. So of course most people wouldn't be selling this time around.
I have not experienced any bitcoin halving but from what I have read so far this one looks unique because it might coincide with the approval of ETF. Most investors are expectant that next year has a better prospect for Bitcoin and this might be why the market didn't react to Binance's sanctions and Changpeng Zhao's guilty plea.
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D ltr
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November 24, 2023, 07:12:43 AM |
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they don't hesitate to sell but they have a target above 60k$ to sell their bitcoin . for now the price is not much unless people who bought when btc was at 25k$ have reaped the rewards of their patience, keep holding on until the new ATH because everything will be satisfying
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michellee
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November 24, 2023, 08:07:32 AM |
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We don't know if most people who own Bitcoin will not sell Bitcoin and still hold it for a long time. But that's different from people who want to make huge profits from Bitcoin. They will sell most of their Bitcoins and keep the rest. They will buy Bitcoin again when there is a big correction after the price reaches its peak price.
If you, for example, have had less than 10 BTC for a long time and held it until the price reached $60k, maybe you would sell 5BTC to convert it into fiat. You can have big profits while you still have BTC left. Meanwhile, you can buy Bitcoin again when the price drops drastically, as we have seen.
Currently, people are waiting for a new ATH of Bitcoin and it is above $60k so they can sell it and get the profits. And they also do the same thing in altcoins that can rise high. They will also buy Bitcoin again if the price drops drastically because that can increase the amount of Bitcoin more than before because they have already made a big profit. Each person will have a plan to sell their Bitcoin or still hold Bitcoin.
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satscraper
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November 24, 2023, 09:31:22 AM |
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The current price surge is too small to be seriously considered for selling. The real sell will begin after around 60K, and probably before that point , two or even three dips will occur, IMHO,
Moreover, one cannot exclude 2016-year-scenario when the price plummeted by up to 40% just before the halving. If we project this to the upcoming year, then such plunge might be expected in February - March period.
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348Judah
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November 24, 2023, 09:48:26 AM |
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I think The amount of unused Bitcoin which is now at its highest ever at 70%, shows that people who own it don't want to sell, even when the price goes up. This Bitcoin hasn't been used for over a year.
This is not a season to sell, we should rather be ready to hodl the more in waiting patiently for the appropriate time when the market becomes more favourable for sell, this is still under accumulation period to hold, we have next year halving coming soon which will followed by bullrun and the market will be more volatile and fast rising, we are all having our targets on the next all time high for the market to serve us an avenue to sell at a profitable time.
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Plaguedeath
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November 24, 2023, 12:35:17 PM |
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Why they need to sell their coins in the first place when they don't need money in urgent and they're not a kind of trader? they will continue to hold because they're make money through other ways, but Bitcoin is used as a store of value because there's no currency can be trusted except Bitcoin.
Fiat suffer inflation and banks are bankrupt, while Bitcoin remains secure.
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Kelvinid
Sr. Member
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win lambo...
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November 24, 2023, 01:19:54 PM |
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I couldn't agree with holding Bitcoin forever but yes, that will totally depend on the holder's view about crypto. They have been held till now for some reason and probably they are certain of their plan. As the years pass by, most of us have learned already that investing in Bitcoin never gives us profit right away and so they are holding even though the surge has come already as they want more.
And the fact that we can't force them to sell, we have nothing to do about it. Anyways, their action will result in something whether it is good or bad but most of the time holders get more money than losing.
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Rruchi man
Legendary
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Bitcoin Casino Est. 2013
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November 24, 2023, 01:20:23 PM |
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I think The amount of unused Bitcoin which is now at its highest ever at 70%, shows that people who own it don't want to sell, even when the price goes up.
People who own bitcoins so far and are refusing to sell are doing so because they understand that shortly, the value of bitcoins will increase even more than whatever current price it raises in value to, so patience is what they are practicing, not responding to the emotional pressure to sell when the value goes up. These are the people you call strong hodlers because they have a target and will not be affected or forced to change their minds. Check out, you will discover that most of the bitcoin hodlers who sell easily are the hodlers that are not emotionally strong. The fact that they always respond to volatility, makes them not to be good hodlers.
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freedomgo
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Fully Regulated Crypto Casino
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November 24, 2023, 01:28:17 PM |
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Why sell right away if the price is expected to break the current all-time high? We hold Bitcoin with the anticipation of significant returns, so selling when the market is already bullish is not advisable. We aim for a more substantial price pump, akin to what occurred in the past during the bull run. Selling prematurely could result in missed opportunities.
Currently, it's evident that the market is bullish, with Bitcoin hovering around $30ish and potentially breaking $40k soon. Patience is crucial, especially for those who have held their Bitcoin through the deep correction after the 2021 bull run.
The all-time high is around $65k. If we adopt a conservative investment approach, selling at least at $100k per 1 BTC would be a prudent strategy.
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